Marissa Mayer will step down as CEO of Yahoo as part of Verizon's acquisition of the company, in a regulatory filing made public today.
Mayer has been the CEO of the popular internet portal company since 2012, in an attempt to turn the company around from decline. However, the company continued to falter, which led to its sale to Verizon Communications, announced in July 2016.
In line with the transition, Mayer will receive a severance package of $23 million, according to the filing.
As soon as the deal officially closes, Yahoo will be spun out as a new company called Altaba, which will be led by Thomas J. McInerney, the former CFO of IAC. Yahoo's CFO Ken Goldman will also step down from his position, and will be replaced by Alexi Wellman, who is currently the company's global controller. It is not currently known if Mayer will stay on Yahoo after she signs off from the position.
After Verizon's announcement of acquiring the company, Yahoo made a data breach public, which was not taken lightly by the telecommunications company. The company requested that $1 billion be knocked off the selling price, with threats to abandon its interest to acquire Yahoo altogether. Subsequently after some negotiations, the two companies have settled on a $350 million discount, finally proceeding with the purchase which is expected to close during the second quarter of this year.